vietnam animal
feed additives market is expected to reach USD 160.5 million by
2022, according to a new study by Grand View Research, Inc. Increasing per
capita meat consumption is expected to be major factor driving Vietnam animal
feed additives market over the next seven years. With increasing meat
consumption, domestic market for animal feed has been experiencing significant
growth since the last few years. Increasing requirements for high quality feed
from animal farmers is expected to drive demand for feed additives such as feed
enzymes, feed acidifiers, amino acids and antioxidants.
Antibiotics emerged as the
leading product segment and accounted for over 36% of the total market revenue
in 2014. Nascent domestic probiotics production coupled with animal farmer’s
inclination towards antibiotics as growth promoters has been instrumental in
its growth. Increasing incidences of microbial diseases among farm animals is
expected to drive antibiotics demand over the forecast period. Funding
initiatives to develop probiotics domestically is expected to challenge
antibiotics consumption since most animal farmers prefer the latter owing to
their easy availability and cheaper costs compared to antibiotics.
Browse full research report on Vietnam Animal Feed Market:
http://www.grandviewresearch.com/industry-analysis/vietnam-animal-feed-additives-market
Further key findings from
the study suggest:
- Vietnam animal feed additives market was USD 112.4
million in 2014 is expected to reach USD 160.5 million by 2022, growing at
a CAGR of 4.7% from 2015 to 2022.
- Feed acidifiers are expected to be the fastest
growing product segment over the next seven years on account of their
increasing consumption in poultry feed. Shift in meat consumption from
pork to poultry is expected to further drive poultry feed demand, thus
further complementing feed acidifiers growth.
- Poultry was the largest application market and
accounted for over 38% of the total market revenue in 2014. Increasing per
capita poultry consumption is expected to be a major factor driving its
growth over the forecast period. Apart from being the largest application
segment, poultry is also projected to be the fastest growing application
segment in the nation.
- Vietnam animal feed additives market is highly
dependent on imports. Animal feed additives imports accounted for more
than 77% of the overall consumption in 2012. Antibiotics were the leading
product imported followed by amino acids.
- Vietnam animal feed additive exports grew by 12% from
2012 to 2014, primarily driven by growing domestic production that can be
attributable to government initiatives to promote investment in domestic
animal feed & feed additives market.
- Vietnam animal feed additives market is largely
dominated by overseas producers who currently account for more than 70% of
the total market. Easing of FDI norms to promote foreign capital has been
a major factor for increasing presence of multinational companies in the
regional market.
Browse more reports of this category by Grand View
Research : http://www.grandviewresearch.com/industry/animal-feed-and-feed-additives
For the purpose of this study, Grand View Research has
segmented the Vietnam animal feed additives market on the basis of product and
application:
Vietnam Animal Feed Additives Product Outlook (Revenue,
USD Million, 2012 - 2022)
- Antibiotics
- Vitamins
- Antioxidants
- Amino
Acids
- Feed
Enzymes
- Feed
Acidifiers
- Others
Vietnam Animal Feed Additives Application Outlook (Revenue,
USD Million, 2012 - 2022)
- Pork/Swine
- Poultry
- Cattle
- Others
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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